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Tee International reverses from previous year's losses, reports $468,000 earnings in 1QFY21

Felicia Tan
Felicia Tan • 2 min read
Tee International reverses from previous year's losses, reports $468,000 earnings in 1QFY21
Shares in Tee International closed 0.3 cents higher, or 10.7% up at 3.1 cents on Oct 15.
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Singapore engineering firm Tee International has reported earnings of $468,000 in 1QFY21 ended August compared to the losses of $1.9 million a year ago.

See also: TEE International subsidiaries secure new engineering contracts worth $58 mil

This brings the mainboard-listed company’s earnings per share (EPS) to 0.12 cents compared to the 0.01 cent in 1QFY20.

Revenue, however, plunged 72.7% y-o-y to $20.4 million due mainly to disruptions in the company’s engineering business arising from government regulations and measures.

Accordingly, cost of sales came in 74.7% y-o-y less to $17.6 million.

Other operating income stood at $2.7 million from $201,000 a year ago primarily attributable to government grants.

Other operating expenses also increased to $3.0 million from the $3.3 million in 1QFY20 mainly due to the change in fair value of investment properties from the adoption of SFRS(I) 16 leases.

Contract assets for the quarter fell to $130.2 million due to the slowdown of construction activities.

The group overall reported a profit after tax (PAT) of $1.3 million in 1QFY21 compared to a loss after tax of $300,000 the year before.

As at Aug 31, cash and cash equivalents stood at $17.8 million, down from the previous year’s $59.1 million due primarily to settlements owing to creditors and bills payable for the period.

In a separate filing, Tee International announced that its wholly-owned subsidiary has been awarded a contract for asset enhancement initiative (AEI) works worth some $55 million.

Tee International says its wholly-owned subsidiary is appointed for the proposed repair and replacement works involving an existing part of a six-storey warehouse building as well as the erection of a new car park block.

The latest contract brings the company’s outstanding engineering and construction order book to $320 million to-date.

Shares in Tee International closed 0.3 cents higher, or 10.7% up at 3.1 cents on Oct 15.

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